compared with 2016. Integral drove 65% of the increase to fee-based operating expenses with the balance attributable to revenue growth and continued increases to investments in data, technology and people.

“Outstanding fourth-quarter 2017 performance contributed to record revenue and strong adjusted EBITDA and cash flows for the year,” said Christian Ulbrich, JLL CEO. "We achieved these results while making significant progress in 2017 on our ambitious data and technology agenda. With favourable economic conditions and healthy real estate fundamentals in most markets, we anticipate continued growth in 2018.”